As D0LL has stated, it might be something other than your T treatment. I'd say bring it up to your doctor next time you see them, and ask them if it could be anything to do with your thyroid.
It might also just be your normal hair pattern, honestly. I know my grandpa had really thick arm hair until he was really old, and then he started to bald out around his wrists and shoulders.
Aside from that, you mention small red bumps? Is it possible you're having ingrown hairs after shaving in these areas? I'm not sure how often you shave/wax, or if you do.
Definitely ask about it, just in case, but don't be alarmed if it turns out to just be your own body's hair pattern.